DUBLIN, January 27, 2022--(BUSINESS WIRE)--The "Education Technology (Ed Tech) and Smart Classrooms - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Education Technology (Ed Tech) and Smart Classrooms Market to Reach US$207.3 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Education Technology (Ed Tech) and Smart Classrooms estimated at US$84 Billion in the year 2020, is projected to reach a revised size of US$207.3 Billion by 2026, growing at a CAGR of 16.3% over the analysis period.
Education embedded with information technology holds bright prospects to address varying requirements of students and present new opportunities for learners irrespective of geographical boundaries.
The growth in the Ed Tech and smart classroom market is being driven by several factors, including rising demand for eLearning solutions, increasing use of connected devices in education institutions, rising implementation of government schemes across several emerging countries for promoting education, lower developmental costs and expanded ease of use, growing demand for digital education, rising need to keep education system running amid the pandemic, and rising adoption of machine learning (ML) and artificial intelligence (AI) in smart learning.
Ongoing efforts by leading EdTech players to provide students with online textbooks are reducing classroom costs and addressing shortage of resources. Education curriculum is expected to be significantly influenced by the power of data and related insights, which are bound to influence EdTech.
Data and associated analytics are expected to provide educators with insights into student behavior and interaction with the content. In the coming years, technologies, such as virtual reality (VR) and augmented reality (AR) are anticipated to witness greater implementation in classrooms as learning tools.
There are currently various AR experiences and apps available in the market to help students learn K-12 lessons across a wide range of topics, from history to science and mathematics. Following a consistent growth in the recent years, the EdTech market boomed amid the COVID-19 pandemic, enabling venture capital funding to post an impressive spike.
Hardware, one of the segments analyzed in the report, is projected to grow at a 14.7% CAGR to reach US$92.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Content segment is readjusted to a revised 18.7% CAGR for the next 7-year period. This segment currently accounts for a 37% share of the global Education Technology (Ed Tech) and Smart Classrooms market.
Hardware improvements and ubiquity of smartphones are key factors that are expected to drive the adoption of VR in e-Learning on a wider scale.
The U.S. Market is Estimated at $29.4 Billion in 2021, While China is Forecast to Reach $43.5 Billion by 2026
North America represents the largest regional market for Ed Tech and smart classrooms, attributed to the strong presence of smart device manufacturers, Ed Tech companies, and cloud service providers, coupled with increased penetration of advanced technologies within the region's schools and educational institutions.
The Asia-Pacific region is benefitting from rising focus of educational institutions on digital solutions for pushing operating efficiency. Countries such as China, Indonesia, India and Malaysia are reporting high penetration of student information systems in K-12 Education for aiding school management and providing relevant information to students.
Software Segment to Reach $39.8 Billion by 2026
EdTech software allows teachers to run pre-recorded or live classes, enabling students to access these resources digitally from anywhere. EdTech apps are playing an important role in enabling educators to monitor student engagement and attention through remote learning.
Many higher education institutions have also been live-streaming their classes to several classrooms as well as adopting learning management system (LMS) software solutions for the creation, distribution, and management of educational content.
Various players serving the education technology market are offering better systems, software and hardware to improve synchronous or asynchronous learning abilities in classroom or home settings. In the global Software segment, USA, Canada, Japan, China and Europe will drive the 14.2% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$14.1 Billion in the year 2020 will reach a projected size of US$36.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.9 Billion by the year 2026.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 326 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/b6jhj7
View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005587/en/
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